If We Have Sound Money, Bitcoin Has No Use Case
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The Immaculate Conception
In the beginning, bitcoin was worthless. And it stayed that way for 16 months. The first block was mined on January 3, 2009. The first recorded transaction occurred 16 months later on May 22, 2010. Bitcoin required a great deal of time and nurturing before it took its first steps.
These two days are now celebrated in the bitcoin culture as Bitcoin’s Birthday and Bitcoin Pizza Day.
This is why bitcoin and bitcoin alone is The Blockchain. It is one of a kind and there will be no other. No other chain can be longer and more secure using proof of work.
Bitcoin Is A Static Closed Circular System
Hard money is hard. Really, really hard!
While there is great hope for a new generation with bitcoin due to it being the longest chain secured through proof of work, with a limited fixed supply, trustless, borderless, and unconfiscatable, all is for naught if we forsake these qualities to participate in the latest legacy compromise.
Bitcoin is designed to work well apart from legacy systems. The declaration of bitcoin as legal tender along with legacy participation in 2021 changed the fundamental market structure and dynamics of Bitcoin. And not for the better. While these two events were hailed as bullish for bitcoin, the popular prognosticators proved wrong. It was bearish. And we soon found out why.
By definition bitcoin tied to the legacy system defeats its primary imputed value that it cannot be seized. Or as good friend Tone Vays puts it bitcoin is unconfiscatable.
What was recognized and warned to be a real danger in January 2022 became known as a Liquidation Contagion within six months.